Survey: More than a quarter of U.S. millennials plan to use crypto to fund retirement

According to a latest survey revealed by Investopedia, 28% of the U.S. millennials polled stated they count on to make use of cryptocurrency to help themselves in retirement — a determine that was greater than those that stated they’d use financial savings (25%) and inventory investments (27%) to fund their retirement. In the meantime, 20% of Gen X and 17% of Gen Z respondents stated the identical. The survey, carried out within the spirit of Monetary Literacy Month, was administered to 4,000 U.S. adults ages 18 to 76.

In different fields, roughly 50% of respondents of all ages rated their monetary data in consumption, paying taxes, financial savings, debt administration and insurance coverage administration as “superior.” Nevertheless, solely 27% of these surveyed stated that they understood quite a bit concerning cryptocurrencies, the bottom rating among the many eight ideas listed within the questionnaire.

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Nonetheless, a good portion of millennials (41%) stated that they had superior data of digital belongings, adopted by Gen X and Gen Z, at 30% and 29%, respectively, and eventually, child boomers at 8%.

In line with the report, the youthful the contributors, the decrease their anticipated median retirement age. Whereas most unretired child boomers plan to cease working at 68, most Gen Z surveyed want to retire at 57. To fight monetary illiteracy within the nation, the U.S. Division of the Treasury has not too long ago launched a brand new initiative to boost consciousness of the dangers concerned in investing in digital belongings.

This consists of designing instructional supplies to tell the general public how crypto belongings function and differ from conventional investments resembling shares. As instructed by Treasury officers, the primary spearhead is to “increase consciousness with out making an attempt to stamp out new know-how and new innovation.”